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5 year hardship option

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Freya View Drop Down
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    Posted: 20/October/2016 at 7:46am
Hi, again.

I am really struggling under the weight of my loan.They are garnishing my tax returns, etc. I am in a low paying job and with the hardship clause...wondering if this is feasible. Everything seems like a gamble to me, at this point. What if...the hardship process does not work?! Should I have just waited a further two years?
Has anyone, successfully taken this route? If anyone can give me as much information as possible on this...I would most appreciate it.
A trustee has told me that my case seems to fit the bill and that she would help represent me. Still...everything seems daunting to me.
Also...I have no other debt...how can I declare bankruptcy, nine months in advance of taking it to court...when I can't declare bankruptcy on other non existent debts?
I hope this is worded clearly enough to understand.
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Johnny View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Johnny Quote  Post ReplyReply Direct Link To This Post Posted: 21/October/2016 at 8:47am
Hardship is something the government criticizes heavily. However, you have to make a case for it and it requires a LOT of time and efforts. It is perhaps the most difficult of the benefit options that is or can be made available to student loan borrowers. 

If you make a case - have a case, then it is a good approach. Anyone who has the circumstances that can make the case is better off moving in this direction. Many people go bankrupt, find out that it was a bad move after the fact, and then are left with the conundrum of what you are sort of describing. A bankruptcy trustee can only administer bankruptcy ( insolvency assignment of consumer proposal). 

The government of Canada built and regulates bankruptcy and the private trustees who administer it,  as it was handed out to the private sector. However, with student loans and tax debt they frown upon it and find ways to exempt themselves from losing to it.  

There are no guarantees with anything. You have to make the right decisions and simply go with them based on what you discover to the best route. Trustees are going to find themselves struggling because like any powerful government program handed out to the private sector for business is going to used and abused for economic gain at the expense of who it's market is. Look at the Canada student loans program and the private service center it has (Was CIBC, then Edulinx, then Resolve after scandal involving Edulinx and Nelnet in the USA, now DH Ltd - with all the same people in the upper echelon. If that isn't fishy enough). 

The make hundreds of millions of dollars paid by the government, and here you are struggling to survive socially and financially because of that.  
Solve Student Debt specializes in solutions for students and graduates in student loan default, and those at risk of defaulting.

solvestudentdebt.com
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Freya View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Freya Quote  Post ReplyReply Direct Link To This Post Posted: 24/October/2016 at 7:35am
Thank you for your thoughtful reply.

I am seeing a trustee about it, very soon.

I think that I have a situation of hardship...and I don't mean that in an offhand way. I will discuss all the pros and cons with the trustee, and evaluate the situation based on that knowledge.

Thanks again. It is a very valuable service that you provide, in being an advocate for student loan fairness. I appreciate all that I read on this forum.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Freya Quote  Post ReplyReply Direct Link To This Post Posted: 25/October/2016 at 5:23pm
Well...here is an update on my inquiry with a trustee, today, about the hardship process.
She delivered all my inquiries in a curt and brusque manner, and I took an immediate dislike to her approach, let alone her overall demeanor.
Without going into all the salient details, let it suffice it to say that she made me feel somewhat of a horrible person for even suggesting a way out of my debt. This, despite the fact, that it is nearly impossible for me to pay off, at my age and level of income.
I would NEVER hire her as a representative.
I left feeling deflated and discouraged but she suggested that I take it up with my MP and MLA. That might be good advice. Could it, be??
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